THHYX vs. GTO
THHYX (Toews Tactical Income Fund) and GTO (Invesco Total Return Bond ETF) are both funds - THHYX is a High Yield Bonds fund managed by Toews Funds, while GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco. Over the past 10 years, THHYX returned 2.79%/yr vs 2.87%/yr for GTO. At a 0.28 correlation, their price movements are largely independent. THHYX charges 1.46%/yr vs 0.35%/yr for GTO.
Performance
THHYX vs. GTO - Performance Comparison
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Returns By Period
In the year-to-date period, THHYX achieves a 0.48% return, which is significantly lower than GTO's 0.85% return. Both investments have delivered pretty close results over the past 10 years, with THHYX having a 2.79% annualized return and GTO not far ahead at 2.87%.
THHYX
- 1D
- -0.10%
- 1M
- 0.36%
- YTD
- 0.48%
- 6M
- 0.68%
- 1Y
- 3.36%
- 3Y*
- 5.01%
- 5Y*
- 1.48%
- 10Y*
- 2.79%
GTO
- 1D
- 0.11%
- 1M
- 0.68%
- YTD
- 0.85%
- 6M
- 0.93%
- 1Y
- 5.49%
- 3Y*
- 4.82%
- 5Y*
- 0.04%
- 10Y*
- 2.87%
THHYX vs. GTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
THHYX Toews Tactical Income Fund | 0.48% | 3.44% | 5.48% | 4.51% | -5.33% | 0.28% | 5.21% | 7.37% | -0.80% | 2.57% |
GTO Invesco Total Return Bond ETF | 0.85% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | -0.26% | 7.41% |
Correlation
The correlation between THHYX and GTO is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.28 |
Over the past year, THHYX and GTO have become more correlated (0.57) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
THHYX vs. GTO — Risk / Return Rank
THHYX
GTO
THHYX vs. GTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Toews Tactical Income Fund (THHYX) and Invesco Total Return Bond ETF (GTO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| THHYX | GTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 2.02 | +1.18 |
| Martin ratioReturn relative to average drawdown | 6.88 | 6.14 | +0.74 |
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Drawdowns
THHYX vs. GTO - Drawdown Comparison
The maximum THHYX drawdown since its inception was -8.83%, smaller than the maximum GTO drawdown of -20.61%. Use the drawdown chart below to compare losses from any high point for THHYX and GTO.
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Drawdown Indicators
| THHYX | GTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.83% | -20.61% | +11.78% |
Max Drawdown (1Y)Largest decline over 1 year | -1.12% | -2.73% | +1.61% |
Max Drawdown (3Y)Largest decline over 3 years | -3.35% | -5.98% | +2.63% |
Max Drawdown (5Y)Largest decline over 5 years | -8.83% | -20.61% | +11.78% |
Max Drawdown (10Y)Largest decline over 10 years | -8.83% | -20.61% | +11.78% |
Current DrawdownCurrent decline from peak | -0.50% | -1.46% | +0.96% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -4.78% | +3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 0.90% | -0.38% |
Volatility
THHYX vs. GTO - Volatility Comparison
The current volatility for Toews Tactical Income Fund (THHYX) is 0.84%, while Invesco Total Return Bond ETF (GTO) has a volatility of 0.98%. This indicates that THHYX experiences smaller price fluctuations and is considered to be less risky than GTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| THHYX | GTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 0.98% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.72% | 2.58% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.58% | 3.40% | -0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.93% | 5.68% | -1.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.65% | 5.58% | -1.93% |
THHYX vs. GTO - Expense Ratio Comparison
THHYX has a 1.46% expense ratio, which is higher than GTO's 0.35% expense ratio.
Dividends
THHYX vs. GTO - Dividend Comparison
THHYX's dividend yield for the trailing twelve months is around 5.43%, more than GTO's 4.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 4.81% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% | 0.00% |
THHYX Toews Tactical Income Fund | 5.43% | 4.91% | 5.44% | 4.33% | 1.61% | 2.79% | 2.21% | 3.84% | 2.43% | 6.56% | 3.30% | 1.59% |
Frequently Asked Questions
THHYX and GTO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GTO has higher volatility (0.98%) compared to THHYX (0.84%). In terms of maximum drawdown, THHYX dropped -8.83% vs GTO's -20.61%.
GTO currently has the higher Sharpe Ratio (1.63 vs 1.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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